Investment and Capital Transactions Director

  • Location

    City of London

  • Sector:

    Real Estate

  • Job type:

    Permanent

  • Salary:

    110,000.00

  • Contact:

    Rebecca Hammond

  • Contact email:

    rebecca@capstonerecruitment.com.au

  • Job ref:

    3154502

  • Published:

    4 months ago

  • Expiry date:

    2020-09-01

  • Consultant:

    #

Company:
International Property Funds Management Pty Ltd (IPFM) is a joint venture between IFM Investors Pty Ltd (IFM Investors) and Industry Superannuation Property Trust Pty Ltd (ISPT). IFM Investors and ISPT are leading Australian fund managers of unlisted assets.  Both fund managers are owned by the industry superannuation funds that invest in them.
 
Reports To:
Chief Executive Officer
 
Responsibilities of the role:
The role of the IPFM is to develop and manage products to meet the needs of IPFM’s investors and third-party investors overall return requirements. Integral to this will be a clear and comprehensive understanding of the intrinsic core value of markets and assets, and relative pricing and value of property assets across a range of markets and sectors, having regard to past and forecast future returns of the Australian property market. This is based on an understanding of the economic, financial, political, demographic, technological and social landscape of European markets and sectors relative to the Australian market. This culminates in the identification of the optimal country, city, sector and asset to invest in (or divest of) at any time given the risk/return profile specified by investors and market availability, together with the successful management of the property lifecycle.

The Investment & Capital Transactions Director (ICTD) will be accountable for the identification, sourcing, management and coordination of potential acquisitions, and the divestment of fund assets, in accordance with Fund Strategy. IPFM’s key point of difference is taking its processes, procedures, valuation and analytical skills and techniques developed through years of experience in the Australian property market and deploying these techniques in international markets combined with local market knowledge and expertise. A deep understanding of the Australian property market and the valuation practices, methods of analysis, and investment techniques used in Australia is pivotal to the role. The ICTD will also be accountable for the control and optimum performance of a diversified portfolio including commercial, retail, industrial and PRS assets located throughout Europe.

The role will be to deliver the KPI’s covering net income, capital expenditure, arrears management, valuations, development and sustainability outcomes for the portfolio. The ICTD will support the CEO and Fund Manager by providing research, analysis and information to enable IPFM to make the best decisions about investment strategy, acquisitions/divestments and product development. The ICTD will also take responsibility for the preparation and quality of research and market information produced by IPFM and ensure that the quality of third-party data is appropriately validated.
 
Specific Duties include:
  1. Work with due diligence team to undertake and co-ordinate the necessary due diligence for all allocated acquisitions and ensure the smooth execution of transactions.
  2. Prepare budget paper, the IPFM Investment model (using Forbury software), investment committee paper, and board paper for each acquisition.
  3. Negotiating acquisitions and divestments on behalf of stakeholders.
  4. Mitigate risks in acquisitions and divestments and ensure key risks are identified and communicated to the Due Diligence Committee.
  5. Co-ordinate with agents appointed for divestments to prepare information memorandums, vendors due diligence material marketing of properties, review and summary of offers, recommendations to CEO/CIO, preparation of heads of agreement (HOA) and coordination of contracts, and general servicing of purchaser due diligence inquiries and virtual data rooms.
  6. Communicate all offers to the IPFM Investment Committee, and prepare papers and presentations to the IC, Investor Advisory Forum and IPFM Board as required.
  7. Co-ordinate external property managers to prepare assets for divestment.
  8. Present to investors when required, including market updates on European and Australian property markets and various transactional opportunities.
  9. Maintain databases across retail, commercial, PRS and industrial markets (across Europe and Australia)
  10. Strategic Planning – Setting strategic investment plans for each property, utilising a strong understanding of local and wider market conditions, establishing an optimal positioning for the asset in its competitive environment to meet and exceed expected benchmark asset returns.
  11. Asset Management and Leadership – Provide leadership to ensure the delivery of fiscal & physical performance objectives for a portfolio of assets. Develop and deliver annual net income budgets including re-forecasting, leasing, rent reviews and arrears. Proactively build strong lines of communication and clear performance expectations with the Property Manager (PM) on the action required to exceed forecasts. Drive the performance of the PM, ensuring the PM is effective and focussed on delivering its objectives.
  12. Leasing Coordination – Work with the appointed leasing executives to ensure the most appropriate tenant mix is achieved, which in the case of retail assets maximises retail sales and leasing returns (values & cash flow) for the asset.
  13. Valuations – Proactively manage the delivery of the quarterly valuation process for managed properties, ensuring assumptions reflect appropriate and accurate market values. Where valuations have not been undertaken in accordance with Australian valuation practices (particularly in regard to the use of discount cashflow analysis with all of the accompanying assumptions) remodel the valuation to conform with ISPT and Australian market convention, . Continuous education and communication with the external valuer during the quarter to ensure timely and considered outcomes.
  14. Retail Tenant Relationships & Knowledge – Relevant knowledge of each retail sector and retail hierarchies to contribute to IPFM’s understanding and enhancing of tenant relationships. Strong and considered views on retail markets, ongoing development and future trends to ensure best retail mix, covenant and returns the asset produces. Maximise each property sales turnover via informed matching of tenant mix to local market consumer needs.
  15. Capital – Ensure capital allocation decisions affecting the property’s physical condition and amenity are to the highest standard possible for its tenants. Strategy and capital expenditure plan for all properties are set in conjunction with return benchmarks, health and safety standards and are collated in conjunction with other relevant stakeholders, which may include Development Managers, Building Services Managers and/or similar positions in overseeing the projects.
  16. JV & LOP Management – Have a knowledge and understanding of any Joint Venture (JV) and/or Local Operating Partner (LOP) Agreements that relate to those managed assets and manage these agreements with the LOP/JV partner. There will be the requirement to meet on a regular basis with the LOP/JV partner to discuss any operational and strategic issues with the assets. These meetings would likely involve other stakeholders such as Investment Managers, Development Managers or PM’s who may be looking after or working on other JV assets. Coordinate with our internal team on these meeting structures.
  17. Managing Agents – Develop strong working relationships with the appointed PM Companies and leasing agents. Establish clear and measurable objectives for each property, including frequent and relevant communication.
  18. Developing, maintaining and oversighting IPFM’s managed funds short, medium- and long-term investment strategies for IPFM products and potential new products, including pooled investment trusts, managed accounts, diversified vehicles and sector specifics, open and closed ended trusts.
  19. Designing, implementing and managing investment policies, procedures, processes, reporting & performance metrics.
  20. Preparation of investment reporting for the Board and investors, noting the special requirements (i.e. relative performance to the Australian property market) of the Australian Industry Superannuation funds in the first instance
  21. Developing and maintaining a search and review process to ensure appropriate use of investment consultants.
  22. Developing and oversighting investment research functions and technical analysis.
  23. Sourcing and negotiating the acquisition and disposal of investment opportunities in collaboration with Investment Managers.
  24. Establishing relationships within the global investment community (e.g. investment managers, investment consultants, potential JV partners, owners and real estate agents) to ensure IPFM has access to best in class research, managers, and deal flow.
  25. Formulating and maintaining house views for different geographies (countries/cities) and sectors (Commercial, Retail, Industrial, and Residential).
  26. The production of reports, recommendations and discussion papers for internal and external use.
  27. Maintaining a competitor analysis including an understanding of their strategy and portfolio composition.
Location of the job:
2 London Wall Place, London EC2Y 5AU
 
Indication of salary package range (competitive):
 
GBP£110,000
Qualifications:
Outstanding academic achievements with a bachelor’s degree from an accredited institution in real estate (valuation preferred), complemented by a master’s degree (a plus) with emphasis on finance, economics or real estate. A CFA would also be preferred.
 
Skills:
A proven track record of Capital Transactions and Investment Management.
Strong networker with capacity to develop and maintain robust internal and external relationships.
Superior understanding of how to source, structure and underwrite the due diligence of major real estate investments across commercial, retail, logistics and private rental sector (PRS).
Knowledge of all types of real estate investments and knowledge of multiple international property markets including the UK, Europe & Australia.
Strong numeracy skills with the ability to analyse financial data, including financial capability in understanding investment metrics and market fundamentals including the analysis of financial, economic and property specific data and time series.
Strong competence in Forbury, Cougar, Excel, Word, PowerPoint.
Ability to apply analysis to business/investment decisions.
Ability to understand, analyse and critique external research and reports.
Ability to analyse, interpret and translate key due diligence findings into actions.
High quality written and verbal communication skills including writing reports for IC and the Board.
 
Experience:
Minimum 7 years’ work experience with an industry superannuation fund or leading institutional property fund manager.
Have experience in property funds management, in various capacities including valuations, property management, asset management, facilities management, portfolio management, fund management, transactions, leasing, development and investor relations.
Have deep experience in capital transactions on the buy and sell-side, sourcing deals on and off-market, including management of at least GBP£1B worth of deals across core assets.
Have experience in completing forward funded development transactions.
Have experience in real estate consulting and broader corporate finance.
Have experience across a wide array of real estate asset classes.
Have very strong proficiency in Australian valuation principles (including being a certified Australian practising valuer) and discounted cash flow modelling including, but not limited to, Cougar and Forbury modelling software.
Have strong abilities in excel including building discounted cash flow models and information databases.
Have experience negotiating complete set of transaction documents including Contract, Fund Through, Co-Owners and Property Management
Experience in negotiating and documenting leasing transactions.
Have experience of international valuation methodologies and research techniques and the evaluation and application of economic and property forecasts with a strong attention to detail.
Experience in asset management, including:
  • knowledge and understanding of tenancy fit out co-ordination, design and building services/systems.
  • knowledge and understanding of retail master planning, retail tenant mix, and market assessment capability.
  • have demonstrable negotiation and influencing skills i.e. analyse, strategise and negotiate favourable outcomes.
  • having demonstrable analytical, conceptual and problem-solving skills.
  • have strong computing skills – including spreadsheet, word processing, database and (desirable) project management software.
Open and closing dates for applications:
Open: 1 August 2020
Close: 31 August 2020